Journal Entry Accounting
Quiz
•
Business
•
12th Grade
•
Medium
Thomas Niksich
Used 35+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Charlotte, William, and Arjun started a small business together. Why do they need to record their business transactions in bookkeeping?
To measure the performance of their business
To manage their business's cash flow
To keep their business's financial matters organized
All of the above
2.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Scarlett, Ethan, and David are running a small business. They initially thought of using T Accounts for their accounting needs. However, they found it not practical for day-to-day use. What could be the reasons?
They take up too much space in their small office
It's easy for them to miss a side of a transaction due to the volume of transactions
They found T Accounts difficult to understand
They found T Accounts not visually appealing
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Arjun started a small business and made a few transactions. What is the purpose of Arjun making a journal entry in his business?
To record a financial transaction
To calculate the total assets of his business
To prepare financial reports for Grace and Lily, his business partners
To manage cash flow in his business
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anika, Aiden, and Aria are members of the school's accounting club. They are discussing the purpose of the journal entry date in their accounting records. Aiden asks, 'What is the journal entry date used for?'
Anika suggests, 'To identify the journal.'
Aria says, 'To determine the accounting period.'
Aiden thinks, 'To calculate the total debits and credits.'
Anika also considers, 'To manage cash flow.'
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anika started a small business and she made a journal entry. Which account is she likely to indent in her journal entry?
Cash
Owner's Equity
Laundry Costs
Accounts Payable
6.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
David, Ava, and Evelyn are working on a group project in their accounting class. They are making a journal entry but they notice that the totals of the debit and credit columns do not match. What happens in this situation?
The journal entry they made is invalid
The accounting equation they are working on does not balance
The journal entry they made cannot be posted
The journal entry they are working on is incomplete
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Arjun is working on an accounting software. He comes across a feature called 'automatic journals'. What could Arjun use these automatic journals for in his software?
To record adjusting entries
To record unique transactions
To save time in accounting software
To manage cash flow
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